Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 16, 2024

An entity sold depreciable assets in the middle of the fifth year of its estimated 10 year useful life. The original cost of the asset

An entity sold depreciable assets in the middle of the fifth year of its estimated 10 year useful life. The original cost of the asset was $200, 000, and it was been depreciated on the strait line basis. If the asset was sold for $160, 000. Calculate the gain of the sale

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Practical Guide To UK Accounting And Auditing Standards

Authors: Steve Collings

1st Edition

152650331X, 9781526503312

More Books

Students also viewed these Accounting questions

Question

★★★★★

Using Charless law, determine the effect (a) On the temperature of a gas when the volume is doubled. (b) On the temperature of a gas when the volume is tripled. (c) On the volume when temperature is...

Answered: 1 week ago

Question

★★★★★

18. Airport Safety The increased number of small commuter planes in major airports has heightened concern over air safety. An eastern airport has recorded a monthly average of five near misses on...

Answered: 1 week ago

Question

★★★★★

Collins Corporation issued 10,000 shares of no-par common stock for $20 per share. Collins also issued 2,000 shares of $50 par, 5 percent noncumulative preferred stock at $55 per share. Required...

Answered: 1 week ago

Question

★★★★★

For a cost or revenue to be relevant to a particular decision, the cost or revenue must Multiple Choice be a past cost be a sunk cost differ between the alternatives being considered be a fixed cost

Answered: 1 week ago

Question

★★★★★

When one of the data sources used for incident decision making is coming from individual or aggregated log files, the management of those sources becomes critical. What are some of the key activities...

Answered: 1 week ago

Question

★★★★★

The standard overhead cost for a product manufactured by SCOMAN1 Corporation is given below: Variable overhead 2hrs@P10/hr Fixed overhead 2hrs@P5/hr Total Standard overhead rate PER UNIT P 20 10 P 30...

Answered: 1 week ago

Question

★★★★★

1/ "An organization can always be sued in the same way as a person." Is that statement true? Explain your answer. 3/ "'Certification' refers to a process or decision that always brings a lawsuit to...

Answered: 1 week ago

Question

★★★★★

Walk & Talk Inc. makes walkie talkies - handheld, portable, two-way radio transceivers. They are used in setting where mobile phone communication may be costly or impractical, including outdoor...

Answered: 1 week ago

Question

★★★★★

Question 17 Assume that a firm has EBIT of $15,584,650, a tax rate of 40.0 percent, total invested capital of $68,600,000, and a weighted average cost of capital (WACC) of 12.904 percent. Given this...

Answered: 1 week ago

Question

★★★★★

How do the following situations illustrate the features of psychological egoism and/or ethical egoism, or how do they illustrate the limitations and challenges to psychological egoism and ethical...

Answered: 1 week ago

Question

★★★★★

What has HMG done differently from other organizations that tried to implement the localization law?

Answered: 1 week ago

Question

★★★★★

Discuss the relationship between the universalistic perspective of HRM and organizational performance in light of the best HRM practices adopted by HMG.

Answered: 1 week ago

Question

★★★★★

In your opinion, how has adopting strategic HRM supported HMG to effectively apply the localization law? Identify and highlight the areas that indicate HMGs strategic plans including the quotation of...

Answered: 1 week ago

Previous Question Next Question